Preparing an Accurate Section 22.1 Disclosure

Preparing an Accurate Section 22.1 Disclosure

Preparing an Accurate Section 22.1 Disclosure- (no one said it would be easy . . .)

Section 22.1 of the Illinois Condominium Property Act is the relevant provision regarding the necessary resale disclosures that must be provided to prospective buyers of condominium units in an association. This article focuses on some of the more difficult questions or challenges that can arise when the board or managing agent completes the several provisions of the Sec. 22.1 disclosure. What follows is an analysis of the several categories of disclosures mandated by Sec. 22.1 of the Act.

Chicago Continues Fight to Regulate Airbnb and Other Short Term Rentals

The “sharing economy” is upon us and major cities like Chicago are still figuring out how to adopt and regulate these markets.  The city has already faced off against companies like Uber and has recently enacted legislation against tech-giants like Airbnb, who allows owners or tenants to list their homes to guests for short-term rentals. 

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Question: Can Condominium Boards Restrict Leasing Without Amending the Association Declaration? Answer: Maybe . . .

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Question: Can Condominium Boards Restrict Leasing Without Amending the Association Declaration? Answer: Maybe . . .

On February 3, 2016, the First District Appellate Court of Illinois issued an opinion in Stobe v. 842-848 West Bradley Place Condominium Association, a case involving a challenge to a condominium board rule imposing a 30% cap on leasing in the building. This opinion is of particular significance, as it is the first time in more than 20 years that the Illinois Appellate Court has spoken on this important topic of restrictions of leasing in condominiums.

Six Rules Chicago Landlords Must Know Before Taking a Security Deposit

Six Rules Chicago Landlords Must Know Before Taking a Security Deposit

While our firm does not advise landlords to take a security deposit in Chicago, we find that it is still commonly done in most residential leases. As such, landlords must be prepared to comply with every requirement of the ordinance if they choose to hold such a deposit. Although there are many factors to take into account, the following is a list of essential requirements that landlords must follow in detail in order to comply with the CRLTO.

The Upcoming TRID Regulations from an Illinois Real Estate Lawyer's Perspective

The big topic amongst residential real estate professionals these days is of course the impact the new CFPB regulations will have on the industry when they are finally implemented on October 3, 2015. The Consumer Financial Protection Bureau (the “CFPB”) was created by the Dodd-Frank Act passed by Congress as a response to the 2008 financial crisis. The goal of the regulations is a noble one- to give consumers as much information as possible in an understandable format before making a financial...

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